Dubai Islamic Bank (DIB) has recorded a net profit of AED552m ($150m) for the first half of 2011, up 10 per cent from the same period last year.

The lender announced total revenues of AED1.8bn, rising 20 per cent from AED1.5bn in the first half of 2010.

The bank’s total assets stood at AED103bn at end June 2011, an increase of 14 per cent since the same period last year, with customer deposits totalling AED77.6bn.

Second quarter net profit reached AED331m, up 10 per cent since last year’s second quarter of AED301m.

“The bank’s commitment to prudently manage its core operations … has delivered a strong set of results in the second quarter of the year. From a position of strength, DIB remains committed to playing a central role in the continued economic growth and diversification of the UAE and wider region,” says Mohammed Ibrahim al-Shaibani, chairman of Dubai Islamic Bank.

DIB is planning to continue its expansion plans in the UAE by opening eight branches by the end of this year.